CBN丨China's industrial profits dip, but structure betters

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大家好，我是主持人李莹亮。

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重点提要 

Earnings of China's major industrial firms shrank in the first 10 months;

China sets to launch Shenzhou-15 manned spaceship tomorrow night.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

China's industrial profits declined on multiple factors, but continue to see improvement in business profit structure, according to the National Bureau of Statistics (NBS) on Sunday.

Major industrial firms with annual main business revenues of at least 20 million yuan each saw their combined profits dip 3 percent year-on-year in the first 10 months of the year to reach about 6.98 trillion yuan, widening from the 2.3 percent drop recorded in the first nine months, data from the NBS showed.

The combined revenues of these firms sustained growth during the period, rising 7.6 percent year-on-year to 111.78 trillion yuan.

Zhu Hong, a senior statistician with the bureau, said industrial profits were weighed down by renewed domestic COVID cases and weak factory-gate prices.

Despite the overall profit decline, the business profit structure of industrial firms continues to optimize, with some firms in the midstream and downstream of the industry chain posting an evident uptick in profit margins, Zhu said.

A total of 19 out of 41 major industries saw growth in profits in the January-October period. Profits recorded by firms supplying electricity, heat, gas and water grew by 15.5 percent after a 4.9 percent rise in the first nine months, while profits of equipment manufacturing enterprises rose by 3.2 percent on a yearly basis in the first 10 months after the 0.6 increase in the first nine months.

Among the industrial enterprises, profit of private companies dropped by 8.1 percent to 1.96 trillion yuan yearly, while profits at state-owned enterprise profits slightly increased 1.1 percent to 2.26 trillion yuan. Companies from overseas earned profits of 1.66 trillion yuan during the period, down 7.6 percent, largely narrowed from the 9.3 percent drop in the first nine months.

The profitability of small- and medium-sized enterprises was also stable. In the first 10 months this year, their profits grew 1.4 percent on a yearly basis, compared with 1.5 percent in the first nine months.

Despite facing pressures and challenges amid renewed COVID-19 outbreaks and slackening domestic and external demand, the economy may recover slowly and gradually in the following months given the government's targeted macro policy easing, economists said, as the country still has sufficient policy tools and room to step up fiscal and monetary policy support to stabilize growth, including forceful infrastructure spending, further reductions in the reserve requirement ratio, and interest rate cuts.

11月27日，国家统计局发布数据显示，1-10月份，全国规模以上工业企业营业收入同比增长7.6%，利润同比下降3%，但装备制造业利润明显回升，电气机械行业利润大幅增长，工业企业利润结构继续改善。

分三大门类看，1-10月份，采矿业实现利润总额13943亿元，同比增长60.4%；制造业实现利润总额51739.3亿元，同比下降13.4%；电力、热力、燃气及水生产和供应业实现利润总额4085.9亿元，同比增长15.5%，增速在1-9月份由负转正的基础上，进一步加快10.6个百分点。

国家统计局工业司高级统计师朱虹表示，随着煤炭保供稳价工作持续推进，电力行业成本压力趋缓，利润同比增长28.1%，增速较1-9月份加快16.7个百分点，拉动规上工业利润增长1.0个百分点，较1-9月份提高0.5个百分点，是拉动工业企业利润增速回升最多的行业。

工业企业利润行业结构不断优化。1-10月份装备制造业利润占规上工业的比重为32.2%，较1至2月份提高7.1个百分点。装备制造业全部8个大类行业利润均较1-9月份改善。电气机械行业受新能源产业带动，利润大幅增长29.0%，增速加快3.7个百分点；铁路船舶航空航天运输设备行业利润增长13.7%，增速加快4.2个百分点；随着促进汽车消费政策持续显效，汽车销售保持较快增长，带动行业利润增长0.8%，今年以来累计利润首次由降转增。

外资和中小企业利润有所改善。1-10月份随着稳外资政策持续发力，外商及港澳台商投资企业利润同比降幅较1至9月份收窄1.7个百分点，连续3个月改善。帮扶中小企业纾困解难有关政策落地见效，1-10月份中小企业利润同比增长1.4%，持续保持增长。

朱虹表示，总体看，工业企业利润下降，结构继续改善，部分中下游行业利润回升明显。但也要看到近期国内疫情散发多发，世界经济衰退风险加剧，工业企业效益恢复面临较大压力。下一步，要高效统筹疫情防控和经济社会发展，推动稳经济一揽子政策和接续措施全面落地见效，确保产业链供应链稳定畅通，加快释放消费需求，落实落细惠企纾困政策，推动工业经济持续稳定恢复。

Shenzhou-15 manned space mission is set to launch at 11:08 pm on Tuesday, sending 3 taikonauts -- Fei Junlong, Deng Qingming and Zhang Lu to the China Space Station, said the China Manned Space Agency on Monday.

神舟十五明晚发射：11月28日，在今日举行的神舟十五号载人飞行任务新闻发布会上，经任务总指挥部研究决定，瞄准北京时间11月29日23时08分时分发射神舟十五号载人飞船。飞行乘组由航天员费俊龙、邓清明、张陆组成，费俊龙担任指令长，将在轨飞行6个月，在轨期间将迎来天舟六号和神舟十六号乘组，计划明年5月返回东风着陆场。

Moving on to regional highlights

区域观察

China's first professional cargo hub airport in the city of Ezhou, central China's Hubei Province, on Sunday launched its first all-cargo air route, linking Ezhou with Shenzhen in south China's Guangdong Province. The Ezhou Huahu Airport is also the first professional cargo hub airport in Asia and the fourth of its kind in the world. 

亚洲首个货运机场货运航线开通：11月27日，全球第四、亚洲第一个航空货运枢纽——湖北鄂州花湖机场成功开通鄂州至深圳全货运航线，这是该机场开通的首条全货运航线。本次开通首条全货运航线由波音737型全货机执飞，运载货物为常规快件，辐射范围包括武汉、鄂州、黄石、黄冈等周边城市。近期，花湖机场还将开通鄂州至上海全货运航线。

Next on industry and company news

产业及公司新闻

The export and import of China's international trade in goods and services in October hit 3.85 trillion yuan, up 5 percent over the same period last year. The export of goods came in at 1.92 trillion yuan and imports hit 1.51 trillion yuan, resulting in a surplus of 408.8 billion yuan, the State Administration of Foreign Exchange said Friday, while services trade recorded a deficit of 56.7 billion yuan.

10月进出口规模同比增长5%：国家外汇管理局25日发布数据显示，2022年10月，我国国际收支口径的货物和服务贸易进出口规模38470亿元，同比增长5%。其中，货物贸易顺差4088亿元；服务贸易逆差567亿元。

China-imported natural gas via China-Central Asia Gas Pipeline has surpassed 40 billion cubic meters as of now in 2022, according to the monitor of West Pipeline Company under PipeChina in Khorgas City in Xinjiang on Monday. 

中亚向中国输气突破400亿标方：11月28日消息， 国家管网集团西部管道公司霍尔果斯压气首站28日统计称，截至目前，今年中亚天然气管道向中国输气突破400亿标方，为中国国内天然气市场需求提供有力保障。

China has successfully completed two-start tests of the 130-ton reusable liquid oxygen-kerosene secondary combustion cycle engine on Saturday, according to the 6th Research Institute of China's Aerospace Science and Technology Corporation. The type of engine is designed for the repeated use of China's new generation of carrier rockets, which is notable for their high comprehensive performance, strong expansion capacity and high reliability.  

可回收液氧煤油发动机试车成功：据西安航天动力研究所11月26日消息，航天六院自主研制的130吨级重复使用液氧煤油补燃循环发动机首台两次起动试车取得圆满成功。该型发动机是瞄准我国新一代运载火箭重复使用打造的天地往返动力装置，具有综合性能高、拓展能力强、可靠性高等特点，该发动机将有力支撑我国重复使用航天运载器发展，满足我国空间站运营等航天活动需求，提升我国大规模、低成本进出空间能力。

Shares of Dowstone Technology climbed today after the Chinese non-metallic materials producer said it will supply 5.9 billion yuan worth of lithium battery materials to South Korea's Posco Chemical on late Friday. Posco Chemical will buy precursor materials for ternary lithium batteries from Dowstone from 2023 to 2025 through two of its subsidiaries.

道氏技术获韩国59亿NCM前驱体大单：11月25日晚，道氏技术公告称，公司子公司香港佳纳、广东佳纳与韩国浦项化学签订NCM前驱体（高镍）《购买合同》，合同期限为三年（自2023年1月1日至2025年12月31日），根据原材料市场价格、当前的美元汇率为重要依据测算，预估合同总金额约为59亿元人民币，占道氏技术2021年度经审计营业收入的89.82%。

Giant Biogene Holding plunged over 8 percent today after the Chinese skincare products supplier that listed at the Hong Kong Stock Exchange on Nov. 4 said it has raised the equivalent of $10 million though the sale of 3.39 million over-allotment shares at HK$24.30, each. The sale added to the HK$495.8 million it raised ahead of the start of public trading, the company said in a filing on Sunday.

巨子生物悉数行使15%超额配股权：11月27日晚，巨子生物宣布，25日，联席全球协调人悉数行使15%超额配股权，每股作价24.3港元。据此，公司额外所得净额约7,790万港元。同时，股份全球发售稳定价格期结束。期间，操作人并无买卖任何股份。本月4日，巨子生物成功登陆港交所，成为“胶原蛋白第一股”，本次IPO发行价为每股24.30港元。巨子生物今天大跌超8%，报24.8港元/股。

Switching gears to financial news

金融市场消息

China has trimmed the reserve requirement ratio (RRR) by 25 basis points, which is expected to release about 500 billion yuan worth of long-term funds, the People's Bank of China announced on Friday. The weighted average RRR will be lowered to about 7.8 percent from Dec. 5.

降准释放5000亿元：央行网站25日消息，为保持流动性合理充裕，促进综合融资成本稳中有降，落实稳经济一揽子政策措施，巩固经济回稳向上基础，中国人民银行决定于2022年12月5日降低金融机构存款准备金率0.25个百分点（不含已执行5%存款准备金率的金融机构）。本次下调后，金融机构加权平均存款准备金率约为7.8%。此次降准共计释放长期资金约5000亿元。